South Korea's largest telecom firm KT is all set to venture into the country's ever-growing halal food market by partnering with a local blockchain developer B-square, reported Aju Business Daily. The partnership would see the development of a blockchain-based management system to track and authenticate halal food certification.
South Korean pop culture has given it's food market great exposure in the Middle East and Southeast Asia. South Korean ready-to-eat food market includes ramyun instant noodles and Samgyetang, a ginseng chicken soup that has garnered immense popularity world over.
Last year Daebak brand of instant noodles became an instant hit in Malaysia right after its release selling two million packs within the first month of its launch. These instant noodles are halal certified and were a huge hit among youths aged in their 20s and 30s. Similarly, Samyang's halal-certified spicy hot chicken noodles were a huge hit in Indonesia, thanks to its well-crafted videos which became a trend on social media.
Halal foods are considered lawful and permissible under Islamic Sharia laws and around 1.9 million Muslims around the globe prefer halal foods over choices. There has been a growing industry of halal food, and many enterprises catering to the Muslim population like to get halal certified.
Many South Korean food companies are getting themselves halal certification from international governing bodies to export products to Southeast Asian countries.
KT enterprises in association with the Korean Muslim Foundation and B-Square will now co-develop a “Halal Certification Trust” and start operating it by the end of the year. The certification trust would streamline the halal certification and authentication process digitally and provide simple step-by-step service on smartphones and computers.
Blockchain would Eliminate Forgery of Certificates
Before the KT announcement of a blockchain-based certification program, halal certificates used to be issued on a piece of paper which made it quite easy to forge these documents. KT claimed that its blockchain-enabled system would eliminate such problems.
South Korea has been quite proactive in the blockchain and cryptocurrency space, as it became one of the earliest nations to regulate crypto trade. Although it did ban ICOs completely after a string of frauds arose, but it has banked big on the blockchain technology which is understandable given the nation is known to be tech-centric.